Vancouver Introduces Empty Homes Tax
Vancouver’s new Empty Homes Tax became effective January 1, 2017.
Targeting the approximately 10,000 year-round empty and 10,000 under-occupied homes in Vancouver, homes which are unoccupied for six full months of the year or more, will be subject to the new 1% Empty Homes Tax (the “EHT”) imposed by Vancouver’s new Vacancy Tax By-Law No. 11674 (the “By-law”). Homes that are determined or deemed to be vacant will be subject to an EHT equal to 1% of the property’s taxable assessed value in addition to the existing property tax. The EHT will be applied annually, with the first taxation year beginning January 1, 2017. The tax for 2017 would be payable by April 2018.
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